A Federal High Court sitting in Ikoyi, Lagos, has awarded N16 million in damages against Access Bank Plc for unlawfully placing post-no-debit restrictions on the accounts of several customers without proper legal justification.
Newsonspot reports that delivering judgment on June 1, 2026, in suit marked FHC/L/CS/878/2023, Justice Chukwujekwu Joseph Aneke held that the bank acted outside its legal powers when it restricted the accounts of the second, third, fourth and fifth plaintiffs over alleged cryptocurrency-related transactions.
The court, however, dismissed the case against the first plaintiff, ruling that there was no contractual relationship between the individual and Access Bank, and therefore no basis for legal action.
In his ruling, Justice Aneke found that the second and third plaintiffs were not involved in cryptocurrency trading in Nigeria, and that there was no lawful basis for restricting their accounts simply because they received funds linked to the first plaintiff.
The judge further noted that evidence before the court showed the first plaintiff conducted cryptocurrency-related transactions outside Nigeria, particularly in the Benin Republic, where such activities were not proven to be illegal.
He held that the funds transferred to the affected plaintiffs were for legitimate value, and no evidence linked them to unlawful financial activity.
Court Condemns Arbitrary Freezing of Accounts
Justice Aneke stressed that banks are bound by law and cannot impose post-no-debit restrictions on customers’ accounts without valid legal authority or a court order.
He stated that while banks must comply with valid court orders, they cannot unilaterally restrict access to funds in the absence of such directives.
The court awarded N5 million in damages to the second plaintiff, ordering Access Bank to immediately lift all restrictions on the account.
Mistaken Transfer Case
The court also reviewed the case of the fourth plaintiff, describing it as an unfortunate instance involving a mistaken transfer into the account.
It held that there was no allegation of fraud or wrongdoing against the plaintiff, yet Access Bank imposed restrictions without any court order authorising such action.
Justice Aneke ruled the restriction unlawful and awarded N10 million in damages in favour of the fourth plaintiff, while directing the immediate removal of the account freeze.
On the third plaintiff, the court acknowledged that an earlier order had initially justified the restriction but noted that no evidence was presented showing any ongoing criminal prosecution.
Citing the constitutional principle of presumption of innocence, the judge ruled that the continued restriction was unjustifiable.
The court also observed that the fifth plaintiff was not involved in cryptocurrency transactions, and noted that the restriction on his account had already been lifted.
In his final remarks, Justice Aneke stated that the bank failed to justify its actions with evidence of suspicious transactions or valid court orders, and instead relied solely on alleged links to cryptocurrency activity.
The court ordered Access Bank to pay costs of N500,000 each to the second and fourth plaintiffs, in addition to the damages awarded.
Legal observers have described the judgment as a significant ruling reinforcing the limits of bank powers in restricting customer accounts without due process.
As of press time, Access Bank had not issued an official response on whether it would appeal the decision.
